The House of Representatives today is expected to vote on a crucial regulatory relief bill, S.2155. Known as the Economic Growth, Regulatory Relief and Consumer Protection Act, the legislation would provide some of the most significant regulatory relief measures for credit unions since the Dodd-Frank Act was enacted.
Advocates still have time to utilize CUNA’s Campaign For Common-Sense Regulation website to call, email or tweet to members of Congress in support of the legislation.
As previously reported in The Point, some significant aspects of the legislation include:
establishing a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
rescinding the additional data points required under the Home Mortgage Disclosure Act for insured credit unions that originate fewer than 500 closed-end and/or 500 open-end lines of credit;
reclassifying one-to-four unit, non-owner occupied residential loans as real estate loans, so the loan would not count against the member business lending cap;
clarifying that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
removing the three-day wait period required for the combined TRID mortgage disclosure if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate;
requiring NCUA to make publicly available a draft of their proposed budget, holda hearing with public notice during which this draft would be discussed and solicit and consider public comment about the draft budget;
providing a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
requiring the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.